The war has ended. The United States and Iran have also signed a peace agreement. Crude oil prices in the international market have been declining steadily. So, when will petrol and diesel prices come down? This has now become a major topic of discussion on social media. Some people are also criticizing the Modi government at the Centre over the issue. Crude oil prices started falling from the moment Iran confirmed that the peace agreement had been finalized. Compared to Wednesday, the price of a barrel of crude oil fell by more than 2 percent on Thursday, reaching $75.22. There is also a possibility that prices may decline further in the coming days.
While international crude oil prices are falling sharply, people are widely discussing when the increased fuel prices will be reduced. However, the Centre has clarified its position on the matter. It stated that even if crude oil prices decline in the international market, fuel prices in the country cannot be reduced immediately. Due to the fuel crisis triggered by the war involving the United States and Israel against Iran, the Modi government increased petrol and diesel prices in the country by ₹7.50 per litre over the past two months. Although the route for oil transportation through the Strait of Hormuz has now reopened, there is still heavy congestion of ships in the region. Union Minister of State for Petroleum and Natural Gas Suresh Gopi said that it will take considerable time for fuel procured at the lower crude oil prices to reach India.
He stated that this is not the only factor involved and that several other issues also need to be considered. Therefore, it is not possible to reduce fuel prices in the country immediately. He added that the West Asia war had imposed a significant burden on Indian oil companies. Despite this, the Centre reduced duties to lessen the burden on the public. Another important point is that even before the war began, when crude oil prices were at very low levels, there were widespread criticisms that the Modi government did not reduce petrol and diesel prices and instead allowed oil companies to earn profits worth thousands of crores of rupees. Based on the clarification given by the Union Minister, it has become clear that petrol and diesel prices are unlikely to be reduced in the country anytime soon.